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by kaneohe
Thu May 21, 2015 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare and Major Medical Question
Replies: 6
Views: 531

Re: Medicare and Major Medical Question

I am trying to understand what a major medical policy will cover that a good medigap policy won't.
by kaneohe
Mon May 18, 2015 1:25 pm
Forum: Personal Consumer Issues
Topic: After test driving a car, best next steps to take?
Replies: 9
Views: 1294

Re: After test driving a car, best next steps to take?

You can use the Subaru.com website to locate dealers within your desired radius of operation. Each of the dealers has a website and you can contact them (use the "about us" link) to contact them. Prepare your request for a quote w/ the details (model, color, options, etc) and copy and past...
by kaneohe
Sun May 17, 2015 1:27 am
Forum: Personal Finance (Not Investing)
Topic: 529 all at once
Replies: 3
Views: 750

Re: 529 all at once

see this older thread esp the Alan S. posts......... https://www.bogleheads.org/forum/viewtopic.php?t=114827 you can do it however you want....just be sure that you don't violate the annual limits when you combine the various contributions. Each contribution can be considered all in that year or spl...
by kaneohe
Sun May 10, 2015 11:29 pm
Forum: Investing - Help with Personal Investments
Topic: Close-Out Fee
Replies: 5
Views: 1036

Re: Close-Out Fee

Perhaps call Schwab to clarify? Not the same situation but when I asked for a check from my IRA, Schwab advised me to sell enough shares to cover the check because if they did the sale,they would charge me for the transaction.
by kaneohe
Sat May 09, 2015 9:56 am
Forum: Investing - Help with Personal Investments
Topic: Roth conversion, paying taxes from taxable
Replies: 6
Views: 604

Re: Roth conversion, paying taxes from taxable

................................. QED, it's best to convert to Roth if you have taxable to use for the taxes, and you are in the 25% bracket in all cases. Am I missing something? Any downsides that I am not seeing? One thing that I didn't see mentioned..............your tax bracket when you start w...
by kaneohe
Thu May 07, 2015 9:51 am
Forum: Investing - Help with Personal Investments
Topic: Keeping Track of Cost Basis
Replies: 4
Views: 363

Re: Keeping Track of Cost Basis

A copy of my tax filing *should* have all the information that I would need, right? ? A regular Roth contribution is not reported on your tax return so tax returns only are not sufficient documentation. The 5498 reports regular contributions and conversion contributions so those should be kept alon...
by kaneohe
Thu Apr 30, 2015 8:31 am
Forum: Investing - Help with Personal Investments
Topic: First time indirect rollover help!
Replies: 2
Views: 268

Re: First time indirect rollover help!

Sounds like you have it .......just make sure you put in the VG Roth within 60 days. I belive you will get a 1099R next yr but you won't be taxed if you file correctly.....put the amount of the rollover in box 15a and 0 taxable income because of rollover on line 15b of 1040.
by kaneohe
Wed Apr 29, 2015 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: revising a living trust vs. new one..
Replies: 8
Views: 639

Re: revising a living trust vs. new one..

Perhaps this might be useful http://wills.about.com/od/overviewoftrusts/a/trustamendment.htm which discusses amendments vs a restatement of a trust. You can imagine that a lawyer might find it easier to implement his own version of a trust rather than amend a trust made by somebody else esp. by you ...
by kaneohe
Mon Apr 27, 2015 1:07 am
Forum: Investing - Theory, News & General
Topic: Quickie to clarify confusion re: 0% long-term capital gains
Replies: 29
Views: 2214

Re: Quickie to clarify confusion re: 0% long-term capital ga

.................................................. By the way I had absolutely no idea that the lousey one dollar from a fund distribution would make so much difference. Other than making you use the Sch D wksht, was there really much difference in the result? I had to use that wksht for the first ...
by kaneohe
Sun Apr 26, 2015 12:55 am
Forum: Personal Finance (Not Investing)
Topic: HSA Receipt Documentation
Replies: 12
Views: 941

Re: HSA Receipt Documentation

You may also have to demonstrate that you never used these expenses as medical deductions on your tax returns so you will also have to keep all tax returns and supporting documents if you did take medical deductions (to show that they were different expenses than the HSA).
by kaneohe
Fri Apr 24, 2015 7:03 pm
Forum: Investing - Theory, News & General
Topic: Quickie to clarify confusion re: 0% long-term capital gains
Replies: 29
Views: 2214

Re: Quickie to clarify confusion re: 0% long-term capital ga

If you have no capital gains, then you are correct. But if you have capital gains, you have to use the Qualified Dividends and Capital Gains Worksheet to compute your taxes. It has you compute an "Adjusted Taxable Income", which is line 43, less your capital gains and less your QDI, in ot...
by kaneohe
Fri Apr 24, 2015 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Cost to setup a Living Trust?
Replies: 29
Views: 2217

Re: Cost to setup a Living Trust?

mjdaniel wrote:I used these guys in 1998, Saratoga, CA. http://affordablelivingtrusts.com/


Any comments about the process/product/service?
by kaneohe
Thu Apr 23, 2015 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Marriage and splitting expenses
Replies: 112
Views: 7513

Re: Marriage and splitting expenses

I don't know if you live in a community property state or not but perhaps their rules can be a guide: income while you are married is basically pooled so you pay bills out of "our" income ; assets you bring into the marriage or are gifted/inherited are separate. Perhaps you can devise some...
by kaneohe
Thu Apr 23, 2015 11:48 am
Forum: Personal Finance (Not Investing)
Topic: Should I apply for manager's job or continue as a techie?
Replies: 145
Views: 9696

Re: Should I apply for manager's job or continue as a techie

Simple enough: As a technie you complete your tasks then you have a life for yourself. Come early, leave early, work remote, post in bogleheads :D etc. As a manager, you sit and delegate tasks, ......................... My manager once described management as reining in stallions and lighting fires...
by kaneohe
Mon Apr 20, 2015 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Preparing for the Minimum Required Distribution
Replies: 41
Views: 3160

Re: Preparing for the Minimum Required Distribution

Note that the law on RMD's has been made permanent to allow charitable contributions directly from traditional IRA's in lieu of (total) RMD. I.e., whatever your RMD was supposed to be is reduced by the amount you give directly from the IRA to charities & thus this reduces your income & taxe...
by kaneohe
Sun Apr 19, 2015 12:16 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH 5 year rule
Replies: 21
Views: 2586

Re: ROTH 5 year rule

[......................................... Regular Roth contributions are January of year account opened. Roth conversions are as of the month you did the conversion. Since you mention declaring on your taxes, this sounds like a Roth conversion in which case IRS info is correct. for conversions, it...
by kaneohe
Sat Apr 18, 2015 10:19 am
Forum: Personal Finance (Not Investing)
Topic: Mailing tax returns
Replies: 56
Views: 3935

Re: Mailing tax returns

Just curious about your experience w/ tracking certified mail . I mailed both state/federal on Monday AM. Website took whole day to show receipt. Subsequently it showed expected delivery to be Wed for both but later state delivery was changed to show expected delivery for Friday. Federal showed earl...
by kaneohe
Sat Apr 18, 2015 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Federal Tax Bracket Question
Replies: 27
Views: 2262

Re: Federal Tax Bracket Question

I just can't figure out what this means ".... line 43 may include cap gains and qualified dividends, in which case line 43 does not determine your tax bracket - you have to go to the worksheet to determine it". I suspect that you and I and grabiner are using tax bracket to mean the same t...
by kaneohe
Sat Apr 18, 2015 12:49 am
Forum: Personal Finance (Not Investing)
Topic: Federal Tax Bracket Question
Replies: 27
Views: 2262

Re: Federal Tax Bracket Question

To be clear - the terminology of the IRS is that you have one tax bracket and one marginal rate. People often use "tax bracket" as a proxy for income rage, but to the IRS it is a line item in the tax tables which only applies to ordinary income. Unfortunately, line 43 may include cap gain...
by kaneohe
Sun Apr 12, 2015 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax saying I over contributed to 401k but didn't?
Replies: 5
Views: 598

Re: Turbotax saying I over contributed to 401k but didn't?

sounds like a TT issue? some IRS words from Pub 17. Computations The following information may be useful in making the return easier to complete. Rounding off dollars. You can round off cents to whole dollars on your return and schedules. If you do round to whole dollars, you must round all amounts....
by kaneohe
Sun Apr 12, 2015 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with Form 1041 Schedule K-1
Replies: 6
Views: 576

Re: Need help with Form 1041 Schedule K-1

The form itself suggests where to enter entries from each line. Most appear to be losses but some income in box 14. 11. Final year deductions A Excess deductions Schedule A, line 23 B Short-term capital loss carryover Schedule D, line 5 C Long-term capital loss carryover Schedule D, line 12; line 5 ...
by kaneohe
Thu Apr 09, 2015 11:27 pm
Forum: Personal Finance (Not Investing)
Topic: making the switch to Ally Bank
Replies: 51
Views: 4377

Re: making the switch to Ally Bank

I'm getting sick of Capital 360 (formerly ING) holding the ACH transfers forever - well 7 days which is close to the same thing. I know the interest is paid anyway and it make no actual difference but the unreasonable holds just bother me in today's so called interconnected world. Are you talking a...
by kaneohe
Thu Apr 09, 2015 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Mailing tax returns
Replies: 56
Views: 3935

Re: Mailing tax returns

Perhaps another piece of the puzzle.....the penalties for late filing https://ttlc.intuit.com/questions/2547642-what-s-the-irs-penalty-for-filing-late "A late filing penalty applies if you owe taxes and didn't file your return or extension by April 15. This penalty also applies if you owe taxes...
by kaneohe
Wed Apr 08, 2015 8:12 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA Distributions
Replies: 2
Views: 420

Re: Roth IRA Distributions

correct on all counts. From a table by kawill from the fairmark.com site: (the other parts of the table for younger folks and Roth conversion deleted for simplicity)

OVER AGE 59.5
FIVE YEARS OR MORE SINCE OPENING FIRST ROTH IRA

All Distributions Are Qualified

No Taxes
No Penalties
by kaneohe
Tue Apr 07, 2015 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: New IRA 12 month Rollover Rule
Replies: 5
Views: 840

Re: New IRA 12 month Rollover Rule

........................................... I contacted Vanguard today and they said this IRS rule does not effect the above transactions because they are indirect. Is this correct? I believe your conclusion is correct but your terminology is not.............trustee-to-trustee transfers are direct,...
by kaneohe
Tue Apr 07, 2015 12:02 am
Forum: Personal Finance (Not Investing)
Topic: Yet another form 8606 / backdoor Roth question...
Replies: 1
Views: 309

Re: Yet another form 8606 / backdoor Roth question...

From the line 2 instructions for F8606: "IF the last Form 8606 you filed was for A year after 2000 and before 2014, THEN enter on line 2 The amount from line 14 of that Form 8606." Based on this, perhaps the mystery is not so much why the 12 was carried over from line 14 (2013) to line 2 (...
by kaneohe
Thu Apr 02, 2015 1:41 am
Forum: Personal Finance (Not Investing)
Topic: IRS makes Tax Error - Wrong Invoice - How to Fix?
Replies: 15
Views: 1470

Re: IRS makes Tax Error - Wrong Invoice - How to Fix?

The middle column for IRS seems wrong. Tax - other credits + tax on qual plans should be about 169K+ , not 184K.
by kaneohe
Sun Mar 29, 2015 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question: Who is wrong, vanguard, me or Taxact
Replies: 14
Views: 2270

Re: Tax Question: Who is wrong, vanguard, me or Taxact

I actually did. The one I filled out is different from the one generated by TAXACT. Both of us agreed that the nontaxable part is $2,019. I think the main problem is how to under the total basis. Taxact then says "your total basis in traditional IRAs for 2014 and earlier years is $3,481" ...
by kaneohe
Sun Mar 29, 2015 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question: Who is wrong, vanguard, me or Taxact
Replies: 14
Views: 2270

Re: Tax Question: Who is wrong, vanguard, me or Taxact

I Also have a question about 1099-R from Vanguard. The form says taxable amount (box 2a) is $5,500 and there is "X" in box 2b. As you may know, however, it's not a standard form, so how do I know the first box is checked or the second box is checked? If it means first box, does that mean ...
by kaneohe
Sun Mar 29, 2015 9:31 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question: Who is wrong, vanguard, me or Taxact
Replies: 14
Views: 2270

Re: Tax Question: Who is wrong, vanguard, me or Taxact

Have you tried filling out F8606 by hand? It might be useful to compare w/ the software.
by kaneohe
Sun Mar 29, 2015 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: Est Tax Requirement?
Replies: 1
Views: 315

Re: Est Tax Requirement?

The safe harbor is based on a particular line on the 1040 for total tax, not what you end up owing in April when you file your return. See line 63 here http://www.irs.gov/pub/irs-pdf/f1040.pdf In your case it would be corresponding number from the 1040X. Actually it's a bit more involved: Figuring y...
by kaneohe
Fri Mar 27, 2015 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: How are qualified dividends taxed?
Replies: 6
Views: 663

Re: How are qualified dividends taxed?

Neither.....a hybrid of those two.....see tfb's stacked bar chart here (12/11/11 post) http://www.bogleheads.org/forum/viewtopic.php?f=10&t=86849 After appropriate adjustments for deductions/exemptions to get taxable income, determine how much of your income is in the 15% (and lower bracket) and...
by kaneohe
Fri Mar 27, 2015 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question: Who is wrong, vanguard, me or Taxact
Replies: 14
Views: 2270

Re: Tax Question: Who is wrong, vanguard, me or Taxact

I also don't see any tax liability for the OP's 2014 return. The $5,500 contribution to the tIRA was non-deductible, thus the conversion done the next day was tax-free. This assumes there were no tax-deferred contributions in the tIRA on Dec. 31, 2013. celia, did you mean Dec 31, 2014? from2014 860...
by kaneohe
Wed Mar 25, 2015 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: 2014 Taxcaster - Finally!
Replies: 26
Views: 5329

Re: 2014 Taxcaster - Finally!

If anyone finds any flaws, please post them. If you enter only a large capital gain or qualified dividend the marginal tax bracket can show as 33% or higher. I was hoping to test AMT and see what ordinary income bracket was in play as you increased income and transitioned from AMT back to the regul...
by kaneohe
Wed Mar 25, 2015 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 20
Views: 1834

Re: HSA question

I would trash that list on the link you provided......I just looked at one item....insurance premiums and based on that I wouldn't trust that list at all.
Try this instead http://www.irs.gov/publications/p969/ar02.html Look at the distribution link in the HSA section.
by kaneohe
Wed Mar 25, 2015 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Tax Reporting
Replies: 10
Views: 1157

Re: HSA Tax Reporting

No Fed reporting required if no distributions taken. You may want to check your state requirements. At least one doesn't recognize HSAs and treats as a normal taxable account. If you took distributions for non-medical expenses, it would be taxed but no penalty if > 65 y.o.
by kaneohe
Wed Mar 25, 2015 1:34 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Tax Reporting
Replies: 10
Views: 1157

Re: HSA Tax Reporting

"neither of us withdrew and money for medical related expenses".............did you mean to write that or this: "neither of us withdrew any money " ?
by kaneohe
Tue Mar 24, 2015 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Best tools to understand the AMT?
Replies: 14
Views: 1421

Re: Best tools to understand the AMT?

.................................. Yes, as I noted before, my AMT marginal tax rate would have been 53.8% in 2014. ............................ Do you understand why it is that high? I was under the impression that it should be the basic 26/28% rates increased by 25% (for the exemption phaseout) so...
by kaneohe
Mon Mar 23, 2015 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Best tools to understand the AMT?
Replies: 14
Views: 1421

Re: Best tools to understand the AMT?

.................................. Yes, as I noted before, my AMT marginal tax rate would have been 53.8% in 2014. ............................ Do you understand why it is that high? I was under the impression that it should be the basic 26/28% rates increased by 25% (for the exemption phaseout) so...
by kaneohe
Mon Mar 23, 2015 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Best tools to understand the AMT?
Replies: 14
Views: 1421

Re: Best tools to understand the AMT?

Good luck with your wish! Here's a reading list to start http://www.fairmark.com/search/index.htm?cx=partner-pub-0101170206512133%3A20vgpn3ysk9&cof=FORID%3A9&ie=ISO-8859-1&q=AMT&sa=Search This thing to me seems to be a mysterious phenomenon that pops up even when you think you unders...
by kaneohe
Sun Mar 22, 2015 10:18 pm
Forum: Personal Finance (Not Investing)
Topic: Forgot to file Form 8889
Replies: 2
Views: 544

Re: Forgot to file Form 8889

I don't know the answer to your question but why not file it .....just 13 lines........just to be sure that no problems occur later on. You might be able to complete it in half the time you spend worrying about it :happy The only thing that comes to mind is that you can't file claims for expenses th...
by kaneohe
Sun Mar 22, 2015 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Received a K1 for my kid - what do I do?
Replies: 3
Views: 862

Re: Received a K1 for my kid - what do I do?

how about this http://www.irs.gov/pub/irs-pdf/i1041sk1.pdf

11a doesn't sound particularly useful. 11c might not be useful now but perhaps in the future since it can be carried over
by kaneohe
Sat Mar 21, 2015 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Newly retired teacher - tax questions
Replies: 5
Views: 675

Re: Newly retired teacher - tax questions

check here, first on the list http://www.irs.gov/instructions/i1040sca/ar01.html#d0e72 but the premiums need to exceed to floor of 10%(or 7.5% of AGI before you can start deducting http://www.irs.gov/pub/irs-pdf/f1040sa.pdf see line 3 once you get past $400 in SE earnings, http://www.irs.gov/taxtopi...
by kaneohe
Fri Mar 20, 2015 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: RMD
Replies: 6
Views: 499

Re: RMD

The official number is shown on the 5498 which you get in May or so and hopefully has some connection to the year end value on your statement that ends 12/31. I know a CU that has monthly statements that generally do not end at month end appears to use the Dec. statement ending value even though it ...
by kaneohe
Fri Mar 20, 2015 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Secure a foreign tax credit carry forward?
Replies: 19
Views: 1412

Re: Secure a foreign tax credit carry forward?

So OP, do you understand that a foreign tax credit carry forward is essentially worthless? Thanks. I think I understand. For this year and next, my income is hovering at a very low point in order to maximize ACA benefits, so my tax liability is tiny. My income will more than double in two years, wi...
by kaneohe
Fri Mar 20, 2015 7:37 pm
Forum: Investing - Theory, News & General
Topic: Mistake on my taxes? Please help!
Replies: 1
Views: 391

Re: Mistake on my taxes? Please help!

Try to find a document (monthly statement, confirmation, etc) that shows what year your Jan 2014 contribution was attributed to........2013 or 2014? In the early months of any year, a contribution can be either for that yr or the past yr and if you aren't careful, custodian could make a mistake.
by kaneohe
Fri Mar 20, 2015 8:46 am
Forum: Investing - Help with Personal Investments
Topic: Roth IRA Contribution designated for wrong year
Replies: 6
Views: 636

Re: Roth IRA Contribution designated for wrong year

What is my best option here? I was thinking that I can simply recharacterize the contribution as a non-deductible contribution to a traditional IRA, then eventually backdoor that IRA to a Roth. As far as I can tell there would be no issues with doing that, other than effectively losing a year of Ro...
by kaneohe
Thu Mar 19, 2015 8:45 am
Forum: Investing - Help with Personal Investments
Topic: BrokerageLink in 403b vs. IRA
Replies: 6
Views: 458

Re: BrokerageLink in 403b vs. IRA

We also went through a similar transition w/ spouse's plan. No major problems. Seems to be a "barrier" problem when crossing between core and brokerage link options....you can sell on one side and reinvest perhaps 90% of the proceeds the same day but then have to come back the next day to ...
by kaneohe
Wed Mar 18, 2015 5:02 pm
Forum: Investing - Help with Personal Investments
Topic: Estimating LTCG/dividend taxes in early retirement
Replies: 8
Views: 794

Re: Estimating LTCG/dividend taxes in early retirement

If you sell 125K in stocks and realize 25K in LTCG, don't forget your deductions/exemptions which will reduce your income by something like 20K. That leaves
your taxable income at 5K...........since that is < 75K, you pay 0 taxes, assuming no other income, so your window is very forgiving.
by kaneohe
Wed Mar 18, 2015 9:36 am
Forum: Personal Finance (Not Investing)
Topic: just cashed in EE bonds - tax question
Replies: 13
Views: 1146

Re: just cashed in EE bonds - tax question

the interest is close to 30k; we are in the 33% tax bracket, so around 10k interest i think. we would rather go ahead and pay the bill now rather than do any adjustments to withholding. thanks e It's a balance........if you pay now w/ estimated tax, you'll have to file F2210AI (last page here) http...

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